Mahindra Lifespace Aims For A 2.5-Fold Increase In Housing Sales

Mahindra Lifespace Developers Ltd's MD and CEO Arvind Subramanian has stated that the company's annual sales bookings will more than double to Rs 2,500 crore in the next three years due to increased housing demand. Mahindra Lifespace, based in Mumbai, had sales bookings of Rs 1,028 crore in the previous fiscal year.

Arvind Subramanian, the company's Managing Director (MD) and Chief Executive Officer (CEO), told PTI, "We have started the first quarter with an extremely strong performance on all fronts". According to him, the company recorded Rs 600 crore in residential sales during the April-June quarter of the fiscal year 2022-23, compared to Rs 1,000 crore in the entire previous year.

In the June quarter, customer collections were around Rs 270 crore, while industrial leasing was worth Rs 118 crore. "The first quarter has prepared us well for the rest of the year. We anticipate very strong continued growth in the second quarter and throughout the year. We will almost certainly exceed our FY22 projections. The question is how much above, which only time will tell, but we are very optimistic "He stated.

When asked about the FY23 sales bookings target, Subramanian stated that the company does not provide annual guidance but that it will be significant growth over the previous fiscal. He stated that the goal is to achieve Rs 2,500 crore in sales bookings in fiscal 2024-25, up from Rs 1,000 crore in fiscal 2021-22. The company booked sales of Rs 600 crore in the first quarter of this fiscal year due to the successful launches of two housing projects, but it does not expect similar results in subsequent quarters.